turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

rjmmfoxy
Returning Member

Have several items donated to Goodwill Industries and need them itemized & valued

 
1 Reply

Have several items donated to Goodwill Industries and need them itemized & valued

The easiest way to do this properly for most household items is

1. get a signed receipt (usually blank) from Goodwill. I assume that you already have this.

2. Make an itemized list of the donated items - doesn't have to be too itemized, just "5 men's pants, 2 women's blouses" will be fine.

3. Go to your favorite search engine like Yahoo or Google and search for "Goodwill Valuation Guide". You will get a number of hits. Pick a Goodwill website (i.e., "goodwill" is in the link name) nearest your location (usually a state or region) and work your way down to the Valuation Guide. These guides show the typical low and high prices that Goodwill sells household items for in their thrift stores. I typically take the low price and the high price and average them, and use the result as my valuation for each type of item.

Take the value for each type of article and multiply it time the number of articles of each type, and then add it all up. There's what you report on Schedule A for non-cash contributions.

NOTE: if the value of your deduction is over $500, then you will need to file a form 8283. If your item is more than $5000, then you will probably need a formal appraisal. Please read the instructions for Line 17 in the IRS Instructions for Schedule A.


Use your Intuit Account to sign in to TurboTax.
By selecting Sign in, you agree to our Terms and acknowledge our Privacy Statement.
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question

Related Content

Manage cookies